SVS Securities - shut down?

RasputinB

eskbanker said:

Although ITI were briefly on the FCA's radar, their weak admin, while undoubtedly inconvenient for those directly involved, is a minor insignificance.....

Surely ITI should still be "on the FCA's radar"? According to the FCA website the company continues to be under restrictions and "will not onboard, without the prior written consent of the Authority, any new clients". (Though there don't appear to be any restrictions for ETC Management Ltd - an appointed representative of its principal ITI Capital Ltd.).

eskbanker

RasputinB said:

eskbanker said:

Although ITI were briefly on the FCA's radar, their weak admin, while undoubtedly inconvenient for those directly involved, is a minor insignificance.....

Surely ITI should still be "on the FCA's radar"? According to the FCA website the company continues to be under restrictions and "will not onboard, without the prior written consent of the Authority, any new clients". (Though there don't appear to be any restrictions for ETC Management Ltd - an appointed representative of its principal ITI Capital Ltd.).

Yes, still on the radar in that sense (of restrictions on their mainstream business practices), but my comment was in the context of unrealistic expectations that the FCA will be interested in the minutiae of their ancillary complaint handling processes, where I was trying to emphasise the relative scale of residual ITI-related issues versus those in the rest of the industry, i.e. tens of complainants versus millions.  I'm conscious that challenging some of the more extreme views on here probably comes across as defending ITI, which is definitely not the case, but I'd contend that not being directly involved allows a sense of detached and dispassionate perspective that some clearly lack....

johnburman

Hold on eskbanker, the act that ITI are effectively ignoring the fOS; not responding to their queries and paying out at the end of the process, can not be usual in the FS world.  Having no or no effective complaints handling process 18 months of the trauma of the SVS transfer MUST be of interest to any competent Regulator.  My fear is that there are too few complaints to the FOS and too few complaints to the FCA.  The FCA simply don't know what has been going on. 

Press criticism has been sparse, and likewise the complaints about the FCA handling of the situation.

Hence I say complain to the FOS and let the FCA know what is going on 

eskbanker

johnburman said:

Hold on eskbanker, the act that ITI are effectively ignoring the fOS; not responding to their queries and paying out at the end of the process, can not be usual in the FS world.  Having no or no effective complaints handling process 18 months of the trauma of the SVS transfer MUST be of interest to any competent Regulator.  My fear is that there are too few complaints to the FOS and too few complaints to the FCA.  The FCA simply don't know what has been going on. 

Press criticism has been sparse, and likewise the complaints about the FCA handling of the situation.

Hence I say complain to the FOS and let the FCA know what is going on 

Escalating unresolved complaints to the FOS is undoubtedly the right thing to do, that's what it's there for.  Based on other threads on here, it's not unusual for institutions to take their time responding to FOS, who themselves are hardly performing at the level expected - I'm not saying that's right of course, but just trying to convey that ITI are unlikely to be significantly out of step with the rest of the industry, and hence this not making the front pages (along with the tiny relative scale of ITI).

The FCA is rightly criticised by many, for all sorts of inadequacies, but in the context of all the other fish they have to fry it would horrify me if they considered it a priority to go after a small outfit on the basis of not always complying promptly with FOS requests!

Not sure what your reference to "not responding to their queries and paying out at the end of the process" signifies - have they not paid you the agreed compensation?

johnburman

No they have paid, and seemingly from other posts they payout at the end but do not engage with the FOS (or engage fully or properly) in the process

What this thread should do is to make sure those inconvenienced by ITI, COMPLAIN TO THE FOS without fail, and without delay

eskbanker

johnburman said:

What this thread should do is to make sure those inconvenienced by ITI, COMPLAIN TO THE FOS without fail, and without delay

Those who have been unhappy enough about their dealings with ITI obviously have the right (but not the obligation) to raise a formal complaint, and, if ITI don't resolve this to their satisfaction, then they have the right (but not the obligation) to escalate to FOS.  What makes you feel that significant numbers of people are that unhappy but have chosen to do nothing about it?

johnburman

What makes you feel that significant numbers of people are that unhappy but have chosen to do nothing about it?

Simples.  20k SVS clients.  ITI shambles.  Only a handful of complaints to the FOS.  QED

PS: I may be wrong.  Only a few ex-SVS clients were treated appallingly and the rest were treated by ITI like kings, with a super slick and efficient service!.  No I thought not.

Thrugelmir

johnburman said:

Press criticism has been sparse, and likewise the complaints about the FCA handling of the situation.

 

Take a detached rational view and there's no news story. The news is full everyday of people complaining about something. Seems to have become a national pastime. In the main first world issues . 

eskbanker

johnburman said:

What makes you feel that significant numbers of people are that unhappy but have chosen to do nothing about it?

Simples.  20k SVS clients.  ITI shambles.  Only a handful of complaints to the FOS.  QED

PS: I may be wrong.  Only a few ex-SVS clients were treated appallingly and the rest were treated by ITI like kings, with a super slick and efficient service!.  No I thought not.

So your genuine belief is that, based on simplistic gross numbers, there are nearly 20k people who were treated appallingly, but chose not to actually do anything about it, yet have been waiting for your encouragement to do so?!  Why do you think they haven't complained?

johnburman

Sloth; unaware of the FOS; could be bothered; too embarrassed; too much effort for too little reward...they have a life to live; just thankful they can now access their life savings etc. etc. 


And i do not criticise them.  But it a justification for ITI not doing much about this